Internal dispute resolution data reporting

This page summarises:

• the IDR data reporting obligation
• when and how to submit IDR reports
• implementation timeframes for IDR data reporting
• key downloads
• FAQs on IDR data reporting.

See the IDR data reporting handbook (PDF 1.4 MB) for comprehensive information about IDR data reporting.

The IDR data reporting obligation

Legislative changes introduced in response to the Ramsay Review (2017 PDF) have significantly reshaped the Australian financial services dispute resolution framework. This includes higher standards for financial firms in dealing with consumer and small business complaints under their internal dispute resolution (IDR) procedures.

The enhanced standards include a mandatory and ongoing IDR data reporting obligation for in-scope financial firms. All Australian financial services (AFS) licensees who provide financial services to retail clients and all Australian credit licensees are in scope for IDR data reporting to ASIC.

When and how to submit IDR reports

In-scope firms must submit an IDR report to ASIC every six months. The reporting periods are:

• 1 January to 30 June, and
• 1 July to 31 December.

A two-month submission window opens at the end of each reporting period. Firms must submit a compliant IDR report to ASIC before the submission window closes.

Financial firms that had IDR complaints during the relevant six-month reporting period must submit an IDR report to ASIC containing an IDR data file consistent with the format and content specifications in the IDR data reporting handbook (PDF 1.4 MB).

If the IDR data file does not meet the requirements outlined in the handbook, it will fail ASIC’s automatic data validation processes. Firms will then need to correct the errors and resubmit their data file before the submission window closes.

Financial firms that had no IDR complaints during the relevant six-month reporting period must still submit an IDR report to confirm to ASIC that there were no IDR complaints during that reporting period.

Financial firms must submit IDR reports via the ASIC Regulatory Portal.

Implementation timeframes for IDR data reporting

Firms will commence reporting in three stages (‘tranches’) to support an effective transition to the new requirements.

First tranche and second tranche firms are set out in ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205, as amended by ASIC Corporations (Amendment) Instrument 2023/282. All other firms in scope for IDR data reporting to ASIC are third tranche firms.

Once a tranche commences reporting, the obligation to submit an IDR report to ASIC every six months is ongoing.

Reporting timeframes for the three tranches are outlined below:

• First tranche firms have already submitted their first IDR reports to ASIC. Their first submission window was 1 January to 28 February 2023, covering the six-month reporting period 1 July to 31 December 2022, and their reporting obligations are now ongoing.
• Second tranche firms will first report in the submission window from 1 July to 31 August 2023, covering the six-month reporting period 1 January to 30 June 2023.
• Third tranche firms will first report in the submission window from 1 January to 29 February 2024, covering the six-month reporting period 1 July to 31 December 2023.

Key downloads

Key documents for IDR data reporting are:

• The IDR data reporting handbook (PDF 1.4 MB), which sets out all of the essential requirements for firms to submit IDR reports to ASIC. This includes a comprehensive overview of the data reporting process, the IDR data dictionary and data glossary, step-by-step instructions on how to submit IDR reports to ASIC via the ASIC Regulatory Portal, and a submission checklist to assist in passing data validation
• The IDR data reporting handbook: Overview of changes between March 2022 and April 2023 (PDF 336 KB), which outlines the differences between the current (2023) handbook and the superseded (2022) version
• The ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205, as amended by ASIC Corporations (Amendment) Instrument 2023/282, which gives legal effect to the requirements outlined in the handbook
• The IDR data reporting Excel template (XLSX 12 KB) spreadsheet, which firms can use as a simple template to record complaints and/or to check that their IDR data headings are in the correct format to pass validation
• The IDR data validation rules examples (XLSX 23 KB) spreadsheet, which presents examples of line-item complaints data that have either passed or failed validation (updated April 2023), and
• Regulatory Guide 271 Internal dispute resolution (RG 271), which sets out how financial firms that are required to comply with IDR requirements can meet their broader obligations, including recording and responding to IDR complaints, and the timeframes for doing so.

FAQs on IDR data reporting

For answers to common questions on IDR data reporting, see Frequently asked questions on IDR data reporting.

Further assistance

If you have reviewed the materials above and still have unresolved questions about IDR data reporting, please contact ASIC’s Customer Contact Centre (CCC) on 1300 300 630 from within Australia, or +61 3 5177 5407 from outside Australia.

The CCC’s business hours are Monday to Friday 8:30 am to 5:00 pm (local time) in each state and territory. The CCC closes for business on national public holidays and has limited services available on public holidays for each state and territory.